BRICS Banks to collaborate on blockchain research

July 27, 2018


BRICS Banks to collaborate on blockchain research

BRICS Development Banks will start joint research on distributed ledger and blockchain technology “in the context of the development of the digital economy”.

The document, signed during the 10th International BRICS Summit in Johannesburg, will unite banks from the emerging economies of Brazil, Russia, India, China and South Africa.

According to the press release, State Corporation Vnesheconombank, Banco Nacional de Desenvolvimento Econômico e Social-BNDES, Export-Import Bank of India (Exim Bank), China Development Bank (CDB), and Development Bank of Southern Africa Limited (DBSA) will take part in the research.

Mikhail Poluboyarinov, First Deputy Chairman and Member of the Board of Vnesheconombank told they cooperate with BRICS national banks in different key areas, including financial cooperation, developing credit financing in national currencies and implementation of innovations.

“This joint work opens new opportunities for Russian exporters, operators of large industrial projects, recipients of investments. The current agreement allows the development banks of BRICS countries to study the applications of innovative technologies in infrastructure finance and bank products optimization”.

Let us remind that The BRICS Bank Consortium includes state-run banks from Russia, China, South Africa, Brazil, and India. BRICS Interbank Cooperation Mechanism was created in 2010 as a result of cooperation agreement among state export and financial development institutions of the BRICS countries. The creation of the mechanism was initiated by Vnesheconombank and China Development Bank.